Ethereum’s market has taken a hit as trading volumes for the new ETFs declined significantly. The excitement surrounding their launch led to a strong start, but the momentum has waned quickly.
As a result, Ethereum (ETH) has dropped by 4.8% over the past 24 hours, currently trading at $3,180. Trading volume for Ethereum has also decreased, with recent figures showing a drop to $25 billion.
On their debut, the ETFs saw impressive trading volumes, totaling $1 billion. Grayscale Ethereum Trust (ETHE) led with $461 million in inflows, followed by BlackRock’s iShares Ether Trust (ETHA) at $244.7 million, and Grayscale’s mini ETF with $63.8 million.
However, just 48 hours later, Grayscale’s ETHE experienced a major outflow of $346 million, which has severely impacted the market.
Moreover, data from Coinglass revealed that overall trading volume for Ethereum fell by 10.83% to $39.83 billion, and options volume has plummeted by over 50%.
Despite these challenges, a slight rise in options open interest and bullish long/short ratios on major platforms like Binance and OKX suggests some investors remain optimistic about future movements.
Also Read: Ethereum Foundation Wallet Reactivates with 92K ETH Transfer After 7 Years
